text:
Yahoo, once a stock market darling on the dotcom scene, plans to return to public markets.
Jim Lanzone, the chief executive of the Silicon Valley group, said that he hoped to bring the company back to the IPO stage as part a plan to restore the group’s prominence.
He said Yahoo was “ready financialy, the company is very profitable, and has a strong balance sheet.” Lanzone said that the fact that the company was private enabled it to make the necessary structural changes. He compared the new business units to those he created when he headed CBS Interactive.
Lanzone, former Tinder chief executive, was brought on board after the spin-off of the group from Verizon, in September 2021, to reestablish it as an independent business.
Verizon, who acquired Yahooand AOL through two separate transactions in 2015-2017, sold the companies to Apollo for $5bn on September 20, 2021. This was after it had suffered significant losses.
Verizon put both businesses under the “Oath’ brand at the time as part of its strategy to diversify from its telecoms into media. However, it was forced to write them down and sell them for close to half what they paid.
The sale of Yahoo was a sign of a decline in fortunes, after losing popularity and market share on the internet to companies like Google and Facebook during the 2000s.
Yahoo became a publicly traded company in April 1996. It quickly became the most popular site for web users around the world, combining search with email. In 2008, Microsoft made a $47bn offer. Yahoo turned it down.
According to Lanzone “even six years after being acquired by a telecoms firm, Yahoo is still ranked in the top five worldwide in terms of total traffic”.
Yahoo has over 30 titles and business units. The largest of these are the Yahoo-branded sites, such as Finance, Sports, News, Mail, along with other sites, such as TechCrunch, a start-up news website.
He said that Yahoo had benefited from being a brand with a long history, which was “people’s trusted guides through the digital wilderness” of the internet. “Whether it is finance, sports, or news, this is still what we do and why we are number one or two in all of these categories, all these years after.”
Lanzone explained that Verizon used the Yahoo name to further its telecoms goals, but this was not the same as supporting its own goals. “It was deployed to their business plan and not what ours would have been on a standalone basis.”
He said: “This is something that we could do for fifty or one hundred years.” Although the company has struggled at different times, our traffic is still high and we are in our prime product-wise.
He added that the company would look for M&A deals in sectors related to its own where it had not yet built a business. He said that the company would be “aggressive” in its search for M&A opportunities.
Yahoo has recently acquired the sport betting app Wagr, to expand its sports business. We’ll do a lot for every vertical that we own. We have already been involved in M&A.”
He stated that the group is still in the top three for search, but “too small” at this time to compete with Google and Microsoft Bing. Lanzone added, “Hopefully we can earn back our way there.” “I am pretty optimistic about our ability to achieve.” “I think AI offers a unique opportunity for every product.”


text:
“Every business should put in place every eco-efficiency it can… such as installing solar panels, encouraging employees to car-pool, and installing LED light bulbs,” said Tom Szaky, the chief executive of TerraCycle.
Szaky goes on to describe how eco-friendly programs often come at a cost especially to small businesses. But the benefit of saying your business is green may become a greater benefit to your brand. Either way, an energy-efficient change to your business “can provide an immediate sales lift… [or] it can help with a long-term strategy of building brand loyalty.”
In fact, “going green” can be a great marketing boost for your company as more and more consumers become environmentally-conscious. And having the right partner for your energy efficiency is key to your businesses investment in becoming a green business.
Source: New York Times

domain: news


text:
Cannabis use is causing a rise in emergency department visits among the youth
A recent study conducted by the U.S. Centers for Disease Control and Prevention (CDC) has raised serious concerns about the impact of cannabis use on young people. The study, published in the CDC's Morbidity and Mortality Weekly Report, analyzed nearly 540,000 cases of hospitalizations among individuals under the age of 25 due to complications from cannabis use. The findings revealed a troubling trend of increased cannabis-related emergency department visits among kids, teenagers, and young adults between 2019 and 2022.
One of the most alarming aspects of the study was the noticeable rise in cannabis-related emergency department visits among children under the age of ten. This development has raised questions about the potential dangers of marijuana consumption among very young children and the need for heightened awareness among parents and caregivers.
The study also pointed out that while more than 90% of cannabis-related hospital trips occurred in the oldest age group (ages 15 to 24), there were significant increases in younger kids' cases as well. Before the pandemic, children under 10 visiting emergency departments due to cannabis consumption happened around 18 to 23 times a week, on average. However, during the pandemic, this figure surged to as high as 71.5 weekly cannabis-related emergency department visits.
The reasons behind this increase in cannabis-related youth emergency visits were not explicitly identified in the study. However, the report proposed several possible causes, including the use of cannabis as a coping mechanism for pandemic-related stressors and the higher availability of highly concentrated THC products. During challenging times, such as the pandemic, substance use may be resorted to as a way to deal with increased stress and anxiety, especially among those already struggling with substance use disorders.
Additionally, the study highlighted the impact of edible marijuana consumption on young children. The U.S. Food and Drug Administration's alert in June 2022 warned about the accidental ingestion of products containing tetrahydrocannabinol (THC) by children. Edible THC products resembling popular food brands led to cases of mistaken ingestion and adverse effects such as hallucinations, increased heart rate, and vomiting.
To address these concerning trends, the study recommended implementing evidence-based substance-use prevention programs tailored to the needs of youth during the pandemic. It also stressed the importance of adults safely and securely storing cannabis products out of the reach of children to prevent accidental ingestion.
The study's findings underscore the need for increased education and awareness regarding the potential risks of cannabis use among young people. Moreover, it calls for targeted efforts to address the root causes behind the rise in emergency department visits and to ensure the safety and well-being of the younger population in relation to cannabis consumption.


text:
Canon Solutions America, Inc., a wholly owned subsidiary of Canon U.S.A., Inc., today announced that it will reveal the results of its recently launched World of Wallcovering Challenge during the Specialty Graphic Imaging Association’s 2018 (SGIA) Expo (October 18 – 20, 2018) at booth #2037. The World of Wallcovering Challenge was an experience that allowed Canon customers around the world to test the color-matching capabilities and color consistency when printing wallcoverings on the Océ Colorado 1640 wide format printer.
Canon Solutions America, Inc., a wholly owned subsidiary of Canon U.S.A., Inc., have announced that its Large Format Solutions division will showcase its latest large format print solutions at booth #2037 during the Specialty Graphic Imaging Association’s (SGIA) 2018 Expo. The industry-wide event will take place at the Las Vegas Convention Center October 18 – 20 2018. Additionally, Canon Solutions America will provide an educational tour of the SGIA Show highlighting partners and leading technology in the market for select Business Builder Program clients.
Canon Solutions America, Inc., a wholly owned subsidiary of Canon U.S.A., Inc. today announced that display manufacturing and graphic printing company, Group Imaging, has acquired an Océ Colorado 1640 roll-to-roll printer, strengthening the company’s leadership position as a first class graphics provider based in Mesa, Arizona. Group Imaging prides itself on offering unparalleled versatility to a unique customer base across the U.S. and Canada, and with this new acquisition they have taken their business to new heights.
Canon Solutions America, Inc., a wholly owned subsidiary of Canon U.S.A., Inc. have announced that Spectrum Print Plus, a digital cut-sheet commercial print service provider located in Canton, Massachusetts, recently installed an Océ Colorado 1640 roll-to-roll wide-format printer in its quest to enter the wide-format market. The addition of the UVgel powered technology has helped enable Spectrum Print Plus to increase throughput, capture new business opportunities and develop new product applications.
Canon has expanded its manufacturing facility in Poing (Munich, Germany) in order to consolidate global production of its flatbed printing systems in Europe, increasing both scale and effectiveness to support continued growth.


text:
Telstra may lose ground in regional Australia
First IoT finalists for iTnews Benchmark Awards 2020 revealed
NAB wraps up 'scary' data migration for 2800 mortgage brokers
Edith Cowan Uni’s cloud move slashes IT costs by 50 percent
Subaru sets mid-2030s target to sell only electric vehicles
Don't have an account? Register now!
Qantas CIO aims LiDAR at improved passenger flows in airports
Also deploys IoT sensors on ground-based machinery.
Sep 26 2019 1:35PM
Kennards Hire sets up IoT as a "core strategic priority"
Leads to on-demand services, could be used for unmanned depots.
May 13 2019 7:03AM
IoT pedestrian crossings coming to Queensland
Government pours $3 million into rollout.
Mar 15 2019 11:57AM
Google wins US approval for radar-based hand motion sensor
Codenamed Project Soli.
Jan 2 2019 11:51AM
Chemist Warehouse could create an internet of medicine
'Considering' large-scale sensor deployment in retail stores.
Oct 18 2018 11:57AM
Melbourne Uni turns to IoT to understand campus use
Brings data governance questions to the fore.
Aug 9 2018 12:03PM
Woodside Energy designs its own magnetic IoT sensors
Major expansion of data science effort.
May 16 2018 6:45AM
SA Water builds smart network under Adelaide CBD
To proactively manage infrastructure.
May 9 2018 2:41PM
Newcastle Council uses sportsground for smart city trial
Remotely tracks condition of the playing surface.
Apr 24 2018 11:51AM
Visy to bring AI, robotics to all parts of manufacturing
Reveals plans to integrate sensing into Amazon.com boxes.
Apr 12 2018 11:48AM
Rio Tinto seeks greater precision from space sensors
To ease competing land use concerns.
Jan 5 2018 9:28AM
Defence funds pieces of planned natsec system
Sensor-loaded drones to play a part.
Jan 2 2018 12:16PM
DHL turns to IoT to avoid truck-worker collisions
Drivers also equipped with heart rate monitors.
Nov 15 2017 11:29AM
Google's Waymo sues Uber over alleged sensor tech theft
Trade theft lawsuit kicks off.
Feb 27 2017 9:14AM
Melbourne CBD to track congestion with sensors
Huge IoT test project revealed.
Jan 6 2017 4:24PM
The CSIRO's wi-fi team is connecting the Amazon rainforest
Thousands of sensors to track biodiversity.
Dec 14 2016 7:00AM
Toshiba to sell sensor business to Sony
For around $229 million.
Oct 26 2015 6:52AM
Photos: Innovation sprouts up among the lettuces
Inside the 21st Century farms managed from a smartphone.
Jul 14 2014 5:46AM
Snowy Hydro finds extra power with intelligent systems
Data boom gets more from existing generators.
Dec 10 2012 8:23AM
Yarra Trams to sense when tracks need maintenance
Posts incidents on Instagram to make customers less angry.
Oct 12 2012 7:00AM
Most popular tech stories
The CIO moves that made headlines in 2019
Google adds IBM Power to its cloud
NBN Co reveals active Sky Muster users within 25km of city centres
Defence, Tax Office fork out millions to keep Windows 7 secure for another year
Screen scraper ban touted to weed out data predators
Cisco warns 87 faulty WiFi AP models may need replacement
Microsoft starts selling extended support for Windows Server 2008
DXC claims contractor fraud, lawyer says it's 'nonsense'
Veeam ‘streamlines’ channel by replacing Tech Data with Dicker Data
NTT Australia scores $5.8 million Splunk deal with Home Affairs
How long will a UPS keep your computers on if the lights go out?
6 cloud accounting systems for Australian small businesses compared: MYOB, QuickBooks, Reckon, Saasu, Sage and Xero
How to recover deleted emails in Gmail
How do I make sure my email is properly synced between all my computers?
Ten ways to speed up your laptop
3 industrial IoT integration traps to avoid
Microsoft announces global carbon reduction technology push
Sprint taps Telstra to extend IoT platform to Australia
Australian solar company joins virtual power plant push
Telstra joins global 5G collaboration
Don't have an account? Register now!
Username / Email:
Forgot your password?


text:
Institutional appetite for high flow through (HFT) logistics real estate remains strong, with Realterm raising raised $630 million in LP commitments for its latest fund that focuses on this category.
The Realterm Logistics Fund IV (RLF IV) hit its contractual hard cap of $630 million in LP commitments. It’s the fourth fund in the firm’s US closed-end, value-add Realterm Logistics Fund Series. Realterm defined HFT properties as ones that facilitate the movement, not the storage, of freight through the nation’s supply chain.
Property types include cross-dock truck terminals, transload and related trans-shipment, final mile delivery facilities, industrial outdoor storage, and parcel sortation, among others.
Industrial real-estate developers have been stepping up building cold-storage warehouses in the U.S. without tenants lined up for the space, betting that pandemic-driven changes in the way consumers buy groceries and meals are here to stay.
Nearly 3.3 million square feet of refrigerated warehouse space was under construction through the second quarter of this year nationwide without companies slated ahead of time to take up the sites, some 1,000% more than was built in 2019, according to a report just by real-estate services firm CBRE.
The growth in what is known in real estate as speculative construction follows an upheaval in consumer buying patterns during the Covid-19 pandemic, as Americans rushed to buy groceries online and stocked up on more frozen foods while supermarket chains and food suppliers recast their supply chains to meet the demand.
It may be 2022, but many of the forces that drove the economy in 2021 are still in the driver’s seat.
The long-term upward trend of e-commerce is stronger than ever. The supply chain that gets products from websites to consumers is still not performing well. Inflation is rising, and the Federal Reserve probably will soon raise interest rates. Luckily, there’s an investment that may benefit from each of these forces — specifically, industrial real estate, which includes properties such as warehouses, manufacturing facilities, and even marijuana growing facilities.


text:
- Head Grower – High Technology Organic Greenhouse
- Import and Export Sales Manager
- Sales Manager - US
- Key Account Manager (f/m/d) - Full-time
- Vice President of Growing Operations
- Sales Manager
- Account Manager - United States
- Procurement Manager Blueberries
- International Fruit Trader
- Sales Manager (Europe Division)
New distribution center in Shanghai to facilitate growing cherry demand
“There is the impression in China that cherries are precious and are good for your health,” said Jessie Chan, marketing director for Global Andes Export. “It's a very popular gift during special occasions, especially the Moon Festival and Chinese New Year.” With cherries from North America diminishing this time of year, Chinese importers will look to South American fruit to meet consumer demand, and those importers are hoping for good weather to make sure there are adequate supplies.
“Most of our volume is from Argentina and Chile,” said Chan. “The supply from South America will be very much dependent on the weather there during the next few weeks.” Prices for cherries rise during gaps in the season, like the current one between North American and South American supplies, but if there's good weather in South American cherry-producing regions, then as shipments from those regions pick up in November, prices will once again come down.
Facilitating imports this year will be a new distribution center in Shanghai. The Huizhan Fruit and Vegetable Market, which is located 30 kilometers from the center of the city, consists of about 100 acres of trading areas, cold storage and office buildings. The market will be a major distribution point for fruit destined for the Northern part of China.
For more information:
Global Andes Company Ltd
Tel: 852 31882309
Fax: 852 31882307
Receive the daily newsletter in your email for free | Click here
Other news in this sector:
- 2023-11-29 Blueberry, grape and stone fruit prices higher as weather irregularities affect availability
- 2023-11-29 British Berry Growers launches campaign and policy board to ensure a sustainable future
- 2023-11-29 Millions of US apples will go to hungry families
- 2023-11-29 Sweet Karoline blackberries arriving late December
- 2023-11-29 New varieties of Ukrainian apples are successfully exported
- 2023-11-29 "If these apple varieties get more expensive, demand will only get weaker"
- 2023-11-29 "We are seeing a good crop set on all blocks and are expecting the biggest volume of cherries ever"
- 2023-11-29 "Despite better prices, Jonagold consumption still lags"
- 2023-11-29 November hail causes irreparable damage to fruit crops in Santa Catarina state
- 2023-11-29 Challenges and prospects in Southern Russian horticulture
- 2023-11-29 Lidl tops British apple month sales as Tesco falls short of 2022 performance
- 2023-11-28 Poland to start exporting apples to Indonesia in 2024
- 2023-11-28 Trucks with grapes still await clearance at Torkham border gate
- 2023-11-28 Grapes are straying into commodity area
- 2023-11-28 Apple farmers protest governmental policies in Srinagar
- 2023-11-28 'Australian cherry crop volume a little lower, fruit sizes are larger'


text:
Flying Wild Hog’s newest game – Shadow Warrior 3 – was announced back in June of 2020 via a 2-minute teaser trailer. They initially gave us a release date of 2021 but it was later delayed. This was a good move on their part as this allowed them to focus more on the game and polish it further. Shadow Warriors 3 is set to release in 2022 and the developers announced on Twitter that the release date reveal is “coming soon”.
After waiting for months after seeing this news, it is finally 2022 and we cannot wait for Shadow Warrior 3 to get released. It is a first-person game that focuses on fast-paced combat and it’s a sequel to Shadow Warrior 2. Set to release on PS4, Xbox, and PC, let’s take a look at the potential release window of Shadow Warriors 3.
Shadow Warriors 3 is Set to Release in Early 2022
While the exact release date has not been mentioned yet, we can safely assume that it is quite near. The developers announced that the game will release in early 2022 – Q1 2022 – so we can expect the game to come out in the next few months. Shadow Warrior 3 brings back classic weapons like quad-barrel auto shotgun, railgun, and now dual uzis among tons of other things as well.
The game looks extremely fun to play and introduced tons of new mechanics and enemies all the while keeping the essence of the original Shadow Warrior games.
After watching the trailers, gameplay, and images, we are extremely excited about the game. With the release date reveal coming up soon, the hype is unbearable at this point. Let us know in the comments below if you are looking forward to Shadow Warriors 3 and have you played the previous games or not.


text:
As Google chairman Eric Schmidt prepares to face a Senate panel on antitrust issues, take a look at 9 key markets where Google seeks mastery.
7 of 10
First there was Google Checkout. Now there's Google Wallet. Google means to be a financial player and has the means to do so. Paying with one's mobile phone will take a few years to catch on in the U.S., but watch out after that.
Join InformationWeek’s Lorna Garey and Mike Healey, president of Yeoman Technology Group, an engineering and research firm focused on maximizing technology investments, to discuss the right way to go digital.


text:
Audi just became the first automaker to obtain a license to test its autonomous cars on public roads in Nevada.
Far from being new to autonomous driving research, Audi has been working for years in the field. In 2010, for example, the automaker sent a self-driven TTS up Pikes Peak in Colorado in only 27 minutes — it normally takes about an hour. Impressive as that might sound, driving up a road outside normal traffic conditions is only one step in building a car capable of navigating public roads.
By gaining a license to test on public roads, Audi joins Google as the second company ever to be allowed to test in such an environment. Last year, Google proved the merits of its autonomous driving technology by using the car to take a blind man on errands. The car even handled a Taco Bell drive-through window without problems.
Audi says it will release more information starting tomorrow during the 2013 Consumer Electronics Show.
Discuss this story at Audi-Forums.com


text:
For years, raw chocolate chip cookie dough was a forbidden treat. Everyone said — rightly or wrongly — that you shouldn’t consume it because the uncooked eggs could make you sick. Then came special commercial dough preparations that worked around that, and there was much rejoicing (and many ice cream sales). But now, alas, cookie dough is back off the table, as are any other uncooked treats… and this time, it’s all down to the flour.
That headline is not a joke. Do I wish with my cheesiest of Wisconsin born and bred hearts that it was? Yes, because I can only imagine the depths of despair cheeseheads have been plunged into after a team of Swiss cheesemakers swooped in and grabbed the title of World Champion during this year’s competition on sacred dairy ground. Otherwise known as Madison, WI. [More]
Friendly’s, the ice cream and burger chain that has more recently been in the news for pushing the limits of cheese tolerance by slapping a burger between two grilled cheese sandwiches, is reportedly considering filing for Chapter 11 bankruptcy protection and possible sale.
Star Wars fans are divided into two camps: The silent, unquestioning fans who swallow up anything related to the franchise, and the vocal, rage-filled sorts who fume at the endless tinkering to which George Lucas subjects his classics. On the verge of the debut of the original trilogy and prequels on Blu-ray, the latter group has new reason to complain because Lucas has reportedly altered key scenes.


text:
Steam ditches Bitcoin calling it too expensive and volatile
Despite Bitcoin’s rising popularity – or hype, whichever way you look at it – online gaming store Steam is axing it as a permissible payment option on the platform.
Steam – the largest web games store in the US and Europe – laid down the law on Thursday, stipulating that it would no longer accept the cryptocurrency for any purchases across its regions.
The platform blamed the decision on high transaction purchases, which soared to $20 (£15) per transaction last week, compared to the 20 cents (15p) when Bitcoin first emerged, and volatile pricing.
The latter is a highly visible issue at the moment, with Bitcoin recently reaching the $14,000 mark, and with it, the world’s headlines. Since its launch, the cryptocurrency has soared 1,300% and many market commentators forecast that it’s a bubble waiting to burst.
The decision is symptomatic of a wider concern for Bitcoin, whose objective of becoming a widespread decentralised payment system looks dubious given the the dual-pronged impediments of longer transaction times and higher transaction costs (owing to the sharp increase in popularity and surge in data-processing).
As a consequence, despite its value soaring to dizzying heights, the cryptocurrency is rarely used for everyday transactions. The costs at Steam, in particular, were markedly high; in instances of refund, customers were compelled to pay the transaction cost twofold: once initially, and again when receiving refunds for original payment.
READ NEXT: What is bitcoin?
Price volatility is another central issue, with the currency’s valuing changing so rapidly and so often that the amount of Bitcoin required for purchase can change between the time a purchase is initiated and completed.]
As such, it has become “untenable [for Steam] to support BItcoin as a payment option,” reports the company. The dream is not yet dead, however: “We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date”.
Snubbed, but not forgotten.


text:
On Wednesday, DPDzero, a fintech startup, disclosed that it successfully secured $3.25 million in seed funding. Leading this funding round were Blume Ventures and IndiaQuotient, with contributions from notable angel investors including Sunil Gulati and Nikhil Kumar. The company intends to utilize these funds for strategic allocation, product distribution enhancement, product development, and talent acquisition, as per their official statement.
Founded in 2022 by Ananth Shroff and Ranjith Ramachandra, DPDzero is dedicated to addressing delayed repayments and risk management. It achieves this by harnessing the power of Artificial Intelligence to analyze patterns, predict, and proactively prevent defaults. Sajith Pai, Partner at Blume Ventures, said,
“At 55% of GDP, India’s credit penetration is far below the global average of 148%. With economic growth, credit is set to rise, further driven by initiatives like AA & OCEN. This will onboard many New To Credit (NTC) customers but there is a risk of increasing NPAs, necessitating a focus on collection. Blume’s thesis on collection tech saw us investigating this space deeply. DPDzero stood out, and the collection product that Ananth and Ranjith have built impressed us. DPDzero has an exciting roadmap for improving the credit landscape and we’re proud to support their journey.”
As per the statement, DPDzero experienced a remarkable 700 percent increase in revenue over a span of just ten months through its AI-driven collections and debt recovery platform. The company has forged partnerships with several non-banking financial companies (NBFCs), including Tata Capital, KreditBee, Cashe, Lazypay, Snapmint, and others. Ananth Shroff, CEO and Co-Founder of DPDzero reveals,
“Our journey is in its early stages, but our commitment to reshape the financial landscape is unwavering. We know lending is hard, but collection is harder. We want to solve the hardest problem first.”
In a written response to the Lok Sabha, MoS Corporate Affairs Inderjeet Singh disclosed that as of April 30, there were 3,085 fintech startups registered with the DPIIT in India.
According to the Invest India platform, the official investment promotion agency of the Indian government, India stands out as one of the world’s most rapidly expanding fintech markets. In 2021, the industry had a market size of $50 billion and is projected to burgeon to $150 billion by 2025. Moreover, the Indian digital lending market, with a value of $270 billion in 2022, is anticipated to reach $350 billion by 2023. Over the period from 2014 to 2022, the Indian fintech sector secured approximately $34 billion in funding.


text:
PodPopuli opens full-service podcast hub in Scottsdale
PHOENIX — A new retail podcast experience has come to the East Valley.
PodPopuli announced on Monday the opening of its full-service podcast hub in Scottsdale.
Located near Indian School Road and Goldwater Boulevard, the center will provide everything anyone would need to produce a podcast.
PodPopuli also offers its PodKidz program which is designed to help children develop confidence in a safe and engaging creative outlet.
“This is a place where people of all ages can learn to podcast, launch a podcast and even watch podcasts being created,” PodPopuli creator Brian Howie said in a press release.
“We are beyond excited by the reception we have received upon choosing Scottsdale for our flagship location, and the opportunity to imagine and produce shows hosted by people from all backgrounds, walks of life and experience levels.”
The Old Town Scottsdale location is PodPopuli’s second in the country, with the other being in Hudson, Ohio.
Those interested in podcasting at the new Valley location can schedule a session online.


text:
Streaking Past Expectations
Even before the spring profit parade began, Wall Street was counting on another strong performance. But investors didn't know how much of a blowout it would be. Second-quarter earnings for the 900 companies on BusinessWeek's Corporate Scoreboard gained 41% from the year before. True, the big jump was skewed because a handful of companies were coming off huge losses or acquisition-related write-offs from a year ago. But even after factoring out all one-time items, overall results were still impressive: Profits for the quarter soared 32%, the sixth straight quarter of double-digit growth.
How startling were the numbers? As late as the beginning of the quarter, on Apr. 1, analysts thought profits from continuing operations would rise by 14.9%, according to researcher Thomson First Call. Now, Michael Thompson, director of research, says profit growth for the quarter was more like 26%.
The difference between our numbers and those of First Call is that Scoreboard profits are based on reported income from continuing operations before extraordinary items, as defined by generally accepted accounting principles. That definition includes such things as asset sales and charges for layoffs. First Call's numbers are based on analysts' estimates and exclude certain unusual items.
It turns out that analysts sharply underestimated how much the continued sales growth would help fatten the bottom line. Revenues climbed 13% -- for the third straight quarter of double-digit gains. Of the 60 Scoreboard industries, 58 had higher revenues. Gains were especially notable in energy, where crude oil prices were at or near historic highs; the reinvigorated information technology sector; and among basic materials producers, which benefited from strong international demand. In fact, the materials sector was one of the standout performers in the quarter, with profits up 86% on sales growth of 17%.
The ability to raise prices was a crucial factor in the unexpectedly strong quarter, especially for oil, chemical, and metal companies. "A lot of companies are gaining pricing power, so margins are going up very nicely," says Sung Won Sohn, chief economist at Wells Fargo & Co. (WFC ) Quarterly profit margins rose to 7.6%, from 6.1% the previous year.
Yet profit growth will probably slow considerably in the second half. On July 30, the Commerce Dept. revealed that the economy grew at a slower-than-expected annual rate of 3% in the second quarter, down from a 4.5% clip in the first. Consumer spending, which accounts for two-thirds of the economy, rose an anemic 1%, the weakest showing in three years.
Bad news out of Iraq, rising interest rates, and surging oil prices -- reflected in $2-per-gallon gas in many regions -- took a toll on consumers. Add in subsequent disappointing numbers on job growth, durable goods orders, housing starts, and retail sales, and it looks as if the economy will almost certainly lose steam. "Any cooling down of economic growth necessarily means a cooling down of profits," says Stuart A. Schweitzer, managing director and global investment strategist at JPMorgan Fleming Asset Management (JPM ) and JPMorgan Private Bank (JPM ).
BIG OIL BONANZA
Moreover, one of of the biggest drivers of higher profits, productivity gains, is also likely to slow. That's because as companies hire more workers, output per worker will inch downward. Mark M. Zandi, chief economist at Economy.com Inc., predicts that after expanding more than 4% in both 2002 and '03, productivity growth will downshift to less than 2% this year and next. "This is the end of the profits party," predicts Zandi.
Try telling that to Big Oil, though. Booming worldwide demand for its products is expected to keep oil prices close to the $40-a-barrel mark. Thanks to those high prices, quarterly earnings for the sector rose 77%, year to year, to $16 billion. Getting an additional boost from improved margins at its U.S. refineries, ConocoPhillips (COP ) saw an 84% leap in profits, to $2 billion. Refining and marketing profit alone at the nation's largest refiner shot up 155%, to $818 million for the quarter. At ChevronTexaco Corp. (CVX ), profits more than doubled from the year-ago quarter, to $4.1 billion. That placed ChevronTexaco second among profit leaders this quarter. In first position was Exxon Mobil Corp. (XOM ), where profits picked up 39%, to $5.8 billion.
But the industry with the biggest impact on overall earnings growth was pharmaceuticals, driven by a big swing at Pfizer Inc. (PFE ) The drugmaker posted a $3.7 billion loss in the second quarter of 2003 after charges of $5.1 billion, mainly related to the acquisition of Pharmacia Corp. (PFE ) In the latest quarter, Pfizer posted profits of $2.8 billion. Meanwhile, quarterly earnings at Johnson & Johnson (JNJ ) doubled, to $2.5 billion. Like Pfizer, J&J had a big charge a year ago -- about $900 million -- related to acquisitions. And despite tough competition in the market for cardiac stents from Boston Scientific Corp. (BSX ), J&J benefited from strong performance across its diverse portfolio, including healthy gains for its rheumatoid arthritis drug Remicade. At Merck & Co. (MRK ), though, profits fell 1%, to $1.8 billion, partly because of higher costs from licensing deals as Merck tries to bolster its pipeline.
This was also a quarter when some big smokestack companies posted strong numbers. Alcoa Inc. (AA ), the world's largest aluminum maker, saw a hefty 86% jump in earnings, to $404 million. Sales rose 11%, the biggest quarterly gain since 2000, driven by demand from auto makers, the aerospace industry, and the construction business. CEO Alain J. Belda expects pricing power will continue "as demand continues to grow at a robust rate" through 2007 on top of a shortage of alumina, the raw material from which aluminum is made. On July 9, Alcoa hiked prices another 5% to 10% on some aluminum alloys. All told, aluminum prices have risen about 30% in the past year. For the future, Alcoa sees much of its demand coming from China. Steel, meanwhile, has done even better, with prices nearly doubling in the past 12 months. No wonder then that U.S. Steel Corp. (X ) earned $211 million, compared with a paltry $3 million in last year's second quarter, while Nucor Corp. (NUE ) profits surged to $251.4 million from $8.4 million.
Tech continued to do well, as business spending on equipment and software rose at a 10% clip in the quarter. (In the previous year such spending grew by 11%.) Profits surged 15% at bellwether IBM (IBM ), to $2 billion, thanks in part to strong growth in Asia and other overseas markets. At Intel Corp. (INTC ), the world's largest chipmaker, second-quarter earnings increased 96%, to $1.8 billion, on an 18% gain in sales to computer and gadget makers. Boosted by strong sales of high-end Macs and its hot iPod portable music player, Apple Computer Inc. (AAPL )'s profits soared 221%, to $61 million.
Yet while the software business as a whole saw earnings climb 60% in the second quarter, the industry also saw the worst spate of disappointments since it tanked in early 2001. Why? Too many software makers vying for the same tech budgets. Analysts say spending appears to be consolidating around a handful of big software makers such as Microsoft Corp. (MSFT ), whose earnings rose 81%, to $2.7 billion, and security specialist Symantec Corp. (SYMC ), which blew through Wall Street's expectations. Earnings jumped 123%, to $131.2 million, on a 48% sales gain. At the other end of the spectrum, PeopleSoft Inc. (PSFT ), locked in a yearlong fight to avoid a hostile takeover by Oracle Corp. (ORCL ), saw earnings tumble 70%, to $11 million. The battle scared off prospective customers.
FLYING ON FUMES
Other laggards included diversified financial services, media, and utilities. The biggest loser was the airline sector, which is being squeezed by fierce competition and high fuel costs. Airlines racked up a $1.9 billion loss during the second quarter vs. a $941.2 million profit the previous year. A big contributor to that showing was Delta Air Lines Inc. (DAL ), which reported a $1.96 billion loss -- the largest single loss in our survey.
As the domestic economy cools, analysts expect profit growth of only 15% in the third quarter and 15.7% in the fourth, according to a First Call survey. "The fact is, earnings growth will decelerate. That's not a prediction. That's a given," says veteran earnings forecaster Charles L. Hill, CEO of Boston's Veritas et Lux. The good news is that as long as the recovery does not fall totally off track, earnings growth will continue. It just won't provide the dazzle of the past few months.
By Stephanie Anderson Forest in Dallas, with Amy Barrett in Philadelphia and Jim Kerstetter in San Mateo, Calif.


text:
We undertook the study to see if passport theft was a deterrent to international travel, and the numbers indicate it isn’t.
Washington, DC (PRWEB) May 02, 2014
Recent terrorist and security concerns don’t appear to be wavering American’s confidence in travel, particularly when it comes to fears they might have about lost or stolen passports. This according to a new study commissioned by Mandala Research.
The survey, which polled 1,000 respondents representative of the US population regarding issues of lost or stolen passports, revealed that 87 percent of respondents are confident in their ability to protect their passport during travel. This comes at a time where the issue of fraudulent passport usage came to light when it was reported that two passengers on the recently crashed Malaysia Airlines flight 370 were traveling with stolen passports.
“Americans love to travel, but when it comes to matters of personal security and identity theft, these are hot button issues that raise concerns. We undertook the study to see if passport theft was a deterrent to international travel, and the numbers indicate it isn’t,” said Laura Mandala, managing director of Mandala Research. “In fact, despite the widespread media coverage around identity theft, only 2 percent of respondents reported a lost or stolen passport.”
In addition to showcasing traveler confidence when it comes to protecting their own passports, of the respondents who lost their passports, all of them felt it was easy to report the passport stolen and get a replacement.
“Just about half of NTA’s tour company members package travel outbound from North America,” said Catherine Prather, NTA interim president. “Whereas domestic travel is very important to our membership, many clients of our operators also want to travel internationally. Travelers are growing more and more resilient, and knowing passport theft is not a deterrent is helpful information. NTA appreciates that Mandala Research is gathering the kind of data that enables our members to conduct business with greater confidence.”
”Understanding travelers’ frustration or worry points is of significant value to destinations, governments and the global tourism industry. Mandala Research is committed to providing data to ensure sustainable global tourism growth,” Mandala said.
About the 2014 US Traveling Marketing Passport Study
The 2014 US Traveling Marketing Passport Study is based on interviews with 1,000 respondents representative of the United States population. In April 2014, 1,000 respondents were interviewed by TNS Global. Survey results have a margin of error of ±4 percentage points at the 95 percent confidence level. The data was cross-tabulated by type of trip, age and gender. For more information about the study please contact Laura(at)MandalaResearch(dot)com.
About Mandala Research
Mandala Research is one of the leading travel and tourism research companies in the world. The firm has pioneers the “firsts” of many niche studies in the travel industry and offers extensive knowledge of several growing demographics and trends, including U.S. Hispanic travelers, wine and culinary tourism, Gay and Lesbian travelers, The International Shopping Traveler, Travelers from Growth and Emerging Markets and the African American Traveler. Mandala’s clients include destinations, major travel brands, government agencies, associations and more, with extensive expertise in brand tracking, brand equity and brand identity research. For more information visit http://www.MandalaResearch.com.


text:
League of Legends has quietly become one of the most popular games in the entire world. The MOBA has now gotten so big that mainstream credit card companies are looking to cash in on the phenomenon.
American Express this week announced that it and Riot Games, the developer of League of Legends, have joined forces to introduce League of Legends-themed prepaid credit accounts. The accounts will have a reward system attached that can provide players with Riot Points (RP, an in-game League of Legends currency). American Express is also now the “official payment partner” for the League Championship Series and an “official partner” for the World Championship.
“Riot Games is passionate about serving their players and giving them avenues for enhancing their gaming experience” said Stefan Happ, SVP for U.S. payment options at American Express. “Together we’ve been able to create a great co-branded product with a unique rewards program that will help League of Legends players earn Riot Points whenever they use their Card to make qualifying purchases.”
The “RP+” program attached to the accounts gives players 1,000 RP for registering, 1,000 RP for putting $20 in the account, and 1,000 RP for using the cars for 10 purchases. Setting up the card with direct deposit will get players 10,000 RP. All together, players can earn 13,000 RP – more than $85 worth of RP.
Those who sign up for the card can choose from six different League of Legends backgrounds for their card. The backgrounds include art for Teemo, Vi, Lux, Twisted Fate, the Summoner’s Cup, and the League of Legends logo.


text:
IT’S AN ILL wind that blows no good, and Disney Plus is on the sweet end of a compensatory breeze from the pandemic.
The video streaming service has reached more than 50m subscribers since its launch just five months ago. The last time it released viewing figures, in February, it claimed “just” 26.5m.
With the lockdown, more people are online — and settling in with a movie is the first port of comfort for many. Disney Plus is challenging rivals Netflix and Amazon Prime with a recent roll-out to the UK and other European countries.
All three platforms are riding a wave of success, with bars, restaurants and cinemas closed and a literally captive international audience ready to be entertained, or at least distracted.
Disney Plus had set a target of 60m to 90m subscribers by the end of 2024. It was launched in the US in November, with the European roll-out in March.
Disney Plus subscriptions have been bolstered by the launch last week of its services in India, where eight million new viewers have signed up.
Shares in Disney are up seven percent on Wall Street.


text:
XO-3 Tablet to Debut at CES 2012 – Updated With Pictures!
I’ve just learned that OLPC’s long awaited tablet is going to be shown off next week at CES. Trust me, this is going to be the hot story of the show.
Update: And now I have pictures. Ooh, shiny!
The XO-3 was originally announced in late 2009 and hinted at repeatedly in 2010. I haven’t heard a mention of it for at least 8 months now, so color me surprised that it still exists. According to ComputerWorld, the tablet will have an 8″ screen and sell for less than $100. Like the XO-1.75, the XO-3 is going to be based on a 1GHz Marvell CPU. It’s expected to have 8 to 10 hours of battery life, and it will run Linux-based software.
So what does it look like? No clue. We’ll have to wait for Tuesday; no pictures have leaked yet. But chances are there will be a couple different models on display; the XO-3 will have optional components like a Pixel Qi screen and a solar charger. And what’s most interesting is that the demo units will run Android, not anything running on the current XOs.
The target audience will be children in developing countries – actually the customer base will be the governments in developing countries who will buy it in bulk as an educational tool. There’s no word on whether there will be a retail model, but if it follows the trend set by existing XO models then there won’t be one.
The XO-3 is due out later this year, and there are signs that OLPC is planning to go the way of the tablet. In the long run the XO-3 is planned to replace the XO-1.75 laptops that are currently shipping.
So I think I know what I’m doing first thing Tuesday morning. I was planning to attend the keynote and ask questions, but this is too good of a story. And besides, I’m not sure whether I’ll be allowed to ask questions.
image by One Laptop per Child


text:
- Subscribe NowLimited Time Offer
Sign Up for the Buffalo Business First Afternoon Edition Newsletter
Send this story to a friend
Mod-Pac pacing to become private company
Mod-Pac Corp., the region’s 14th largest public company, will enter a new era under private ownership, the company announced Thursday.
The transaction must still be approved by shareholders.
Mod-Pac shareholders will receive $8.40 per share, in cash, upon completion of the transaction, which represents a premium of 53 percent to the closing price on Oct. 26, according to the company’s announcement. That was the last full trading day before announcement by the buyer group of its purchase offer.
The company designs and manufactures folding carton packaging for the food service, healthcare, medical and automotive industries. It is based on Elmwood Avenue in Buffalo, has annual revenues of $56.2 million and about 375 employees, according to Business First data.
The company’s board of directors approved sale of the company to Daniel Keane, company president and CEO, and his father, Kevin, chairman of the board. They will acquire the company under Rosalia Capital, an entity they control and that was formed for the acquisition.
The acquisition proposal was pegged at nearly $25 million when it was announced in October, and analysts who work for Mod-Pac said the Keanes likely had a two-fold motivation: to eliminate the expensive logistics of running a public company and because they didn’t feel the share value was where it should be.
M&T Bank has entered into a binding commitment letter to provide debt financing in the event closing conditions have been met.
After the announcement, shares rose more than 10 percent to $8.30.
Dan Miner is Business First's enterprise reporter. He also covers education and public companies.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
- Most popular
- Citigroup considers Buffalo-area expansion
- Sabres GM Murray: “This is not a five-year rebuild”
- D'Youville's inaugural pharmacy class faces tight job market
- Financial details emerge on AMRI's move to Buffalo
- Call center closing in Amherst
- M&T compliance issues linger on
- First Student to lay off 79 from Getzville site
- Travel: The nation's 7 best cities for beer
- Trump: 'Going to give a heavy shot' at purchasing Buffalo Bills
- $14M order placed with Koike Aronson
- Director of Development Journey's End Refugee Services. Inc. | Buffalo, NY
- Oracle Financials Consultant IBM | Buffalo, NY
- SAP IS Retail Managing Consultant IBM | Buffalo, NY
- Entry Level Specialist Sutherland Global Services | Rochester, NY
- Successfactor Package Consultant IBM | Buffalo, NY


text:
Google has released the third beta of its Google Chrome browser.
Chrome version 0.3.154.9 has now been released, users will automatically get updated in the next few days or can choose to download it now.
Google says this release fixes the top issues they've heard about from people using the beta release, especially with plugins.
In addition, this release fixes an issue with address spoofing in pop-ups. A site could convince a user to click a link to open a pop-up window. The window's address bar could be manipulated to show a different address than the actual origin of the content.
Other improvements include various performance issues, scrolling with laptop touchpads now works, as well as some tweaks to the browser's appearance.


text:
Dubbed Modern Rarity, the 90-piece autumn/winter collection comprises classic investment pieces such as a shearling coat priced at 900 pounds (about $1,200) and a cashmere trench coat for 550 pounds ($785) as well as more contemporary styles, like sequined skirts and oversized knitwear.
“To shape the Modern Rarity label, we set off with a mantra of ‘fewer, better pieces’, with the knowledge that our customers are wanting quality pieces that have design substance,” Jo Bennett, head of womenswear buying for John Lewis and co-designer of the new range, said in a press release. “We wanted to create a brand that could cater for everyday modern classics in a luxe way—pieces that are thoughtful, beautifully designed and crafted with care.”
To that end, the British retailer paired with Palmer/Harding designers Levi Palmer and Matthew Harding, enlisting the pair to lend their love of tailoring to five white shirts, set to retail from 100 pounds to 150 pounds ($142-$214).
The design duo told Grazia, “For a high street retailer to create a brand with this standard of design and quality is truly a rare thing—we’re really pleased with our shirts to have a part to play in this as it feels like the perfect fit.”
Bennett echoed, “I want our customers to feel that they are investing in a collection that celebrates and helps them to continue to build their own style.”
The John Lewis Partnership currently operates 46 John Lewis stores and 346 Waitrose supermarkets across the U.K., in addition to e-commerce for both. The business has annual gross sales of more than 10 billion pounds (or $14.5 billion).


text:
They say laughter is contagious, but it’s 10 times more contagious when a baby is doing said laughing — and about 20 times more when that baby is Winston. A 1-year-old from Delaware has become quite the internet sensation this week after a clip of him uncontrollably laughing while practicing the alphabet with his dad, Pedro, went viral on social media.
In the adorable clips first shared by Pedro on Instagram, the father-son duo is seen hanging out at home and rehearsing the ABCs — well, two letters in particular. Every time Pedro flips a blue “W” cutout letter upside down to make it an “M” and vice versa, Winston giddily recites the letter while erupting into a continuous giggle capable of melting even the coldest of hearts. Shortly after Pedro blessed his Instagram followers with the precious video, it was reposted far and wide across the internet, even catching the attention of Kelly Clarkson, who shared it and interviewed the Moore family via video chat on her new daytime talkshow!
Pedro said he, his wife, Kiara, and Winston’s grandmother have incorporated similar lessons into the 1-year-old’s routine so he’s constantly learning and practicing. “Teachers always say learning doesn’t stop in the classroom [and] it should continue at home, so I wanted to put that in practice,” he told POPSUGAR via email, adding that the youngster is currently learning the alphabet in sign language at daycare. What a smartie pants!
What was the most techie thing you ever got as a kid? A light bright???
Crazy to think that little ones are just gadget wiz kids at such an early age.
Check out these stats: (Do you see these findings as good or bad?)
At age 4, the survey found, three-fourths of the children owned their own mobile device, and about half multi-tasked, using more than one device simultaneously.
Among other findings, according to their parents:
• 20% of 1-year-olds own a tablet computer.
• 28% of 2-year-olds can navigate a mobile device with no help.
• 21% of 4-year-olds own a gaming console.
• 28% of parents said they use a mobile device to put their children to sleep.
The findings are a bit higher than recent results from Common Sense Media, which found that in families with children ages 8 and younger, ownership of tablet devices such as iPads was 40% in 2013. It found that 75% of children had access to some type of “smart” mobile device at home.
The study in Pediatrics involved a 20-question survey of 289 parents of 350 children in an urban, low-income, minority community. As with past research, the study finds that TV ownership is nearly unanimous at 97%. But it also finds that smartphone ownership in these households is high: 77% of parents surveyed said they had a smartphone.
What’s more surprising: Nearly 97% of parents said their children used mobile devices of some sort. Most started before their first birthday.
How many e-mails do you have in your inbox at this moment?
One article I read said one group surveyed ‘waste’ the equivalent of 30 WORKING DAYS a year on their office email. WOW!
How do you manage you inbox?
- Set aside a specific time
- Respond/Take action when you check it
- Use unsubscribe feature
- Organize using folders and labelsRead article here
Having grown up in America I knew things were different in other countries but I found this list so interesting! I can’t imagine life without air conditioning or bug screens – YAY AMERICA!
Common American products that seem bizarre to people from other countries
Spray cheese is a distinctly American phenomenon. Processed liquid “cheese” makes no sense to the rest of the world.
Yellow school buses are uniquely American. While school buses exist outside of the US, nowhere else are they bright yellow.
In-sink kitchen garbage disposals are common amenities in many US homes, but they’re controversial in many parts of the world for their negative environment impact. In fact, they are banned in most European countries.
While most Americans can’t imagine their life without air conditioning, people from other countries complain about freezing temperatures when they visit.
Grape-flavored anything is an exclusively American treat.
Red Solo cups are an iconic American symbol.
Coffee culture in America is rooted in a “grab-and-go” philosophy. Apparently, the rest of the world likes to sit down and enjoy their coffee in mugs, rather than risk spilling their scalding coffee on themselves while hurrying to get to work on time.
In other countries, birds and bugs can fly willy-nilly into open windows, because they don’t use screens. Obviously they don’t live in Texas
White bread is also known as “American White Bread” around the world.


text:
Lynx cleans up recycled wood16 November 2021
CMC Texpan’s northern Italy base was near the epicentre of the initial European Covid-19 outbreak in early 2020. It is reporting better, more stable market conditions in 2021 and has been busy working on innovations. Stephen Powney interviewed sales manager Marco Granzotto
There is a saying – what a difference a year makes. And in terms of how market prospects in wood-based panels technology are concerned, 2021 compared to 2020 has brought better investment levels from the panels manufacturing sector, according to Italy-based CMC Texpan.
The Colzate-based company, a supplier of a wide range of technologies for wood-based panels production, has been in operation since 1962 and is part of the Siempelkamp Group.
The company’s specialism in the wood-based panels industry is extensive and extends to multiple areas including chips and particles – extraction systems for storage silos, chip cleaners, magnetic separators, roller separators, gravimetric separators and oscillating screens; as well as glue blending systems and, of course, forming systems.
A year ago, CMC Texpan told WBPI about the market uncertainty with the initial Covid-19 outbreak in Europe in March 2020. The situation today, says company sales manager Marco Granzotto, is characterised by greatly increased market activity levels and more confidence.
“We were stopped from travelling and meeting the customer personally, and altogether the company was stopped from operating for nine weeks at the beginning, although, of course, working from home was going on,” said Mr Granzotto.
“It was a very difficult period because it’s not so easy to follow every project and customer from home. Nevertheless, we performed this in the best possible way.
“We used that time when the company was closed to invest in some products that we then presented in the next months, so we continue our jobs with some restrictions, though less compared to some months ago.”
CMC Texpan did not see any acquired projects postponed last year, though the majority of its staff remained in Italy.
“The first half of 2020 was a disaster for every company but we recovered in the second half so we closed 2020 more or less at the same business level as 2019 in terms of sales and volumes of projects,” added Mr Granzotto.
“In terms of new business 2021 has not been easy to handle because of some restrictions in enabling us to be able to meet customers, but we are able to work on the projects and follow all customer requirements.
“It seems that the orders have now exploded because now we have plenty of work and plenty of orders!”
Being part of a large global group like Siempelkamp has meant CMC Texpan has had assistance and work with group sister companies around the world.
It is also now making use of the Explore Siempelkamp digital platform, which showcases the group’s full range of products and services, including many videos that customers can watch.
“So, we try this digital way,” said Mr Granzotto. “This new platform works very well and the customers are digesting this new approach.”
PANEL MARKET DYNAMICS
“I think there are some parts of the world that are investing in new plants but there are a lot of customers wanting to revamp their existing plants,” added Mr Granzotto.
He expects several investment projects in Italy in 2022 and beyond, while several customers in Russia are looking to invest in technology.
CMC’s attendance at the Woodex exhibition in Moscow on November 30-December 3 is expected to yield more information on the pulse of the Russian market. “It is harder to gauge with no travelling and just video conference calls.”
Asia has been a lively market for some years. One of the projects CMC Texpan worked on with Siempelkamp was to supply a third particleboard plant for Green River Panels (Thailand) Co Ltd in Trang, Thailand.
Full commercial production at the plant was reached in June, 2020.
CMC Texpan supplied screening and sifting, as well as glue preparation, dosing and blending.
Design capacity of the Trang line is 2,000m3 per day but Green River Panels has targeted 2,500m3 per day (approximately 770,000m3 per year). Other Siempelkamp subsidiaries Büttner and Pallman also work on the project, and, given the results, CMC Texpan says it affirms that the “group synergy” bears good results.
CMC Texpan also has its eyes on the North American market as well as the hybrid board sector, which has seen growing applications globally.
It has collaborated a lot with the Siempelkamp group on the hybrid board front.
“Not all the world is ready for this type of board yet,” explained Mr Granzotto. “There are some customers that want to introduce it in the market but in my opinion it is too early to estimate numbers.
“We are also focusing on recycled wood,” added Mr Granzotto. “In the last year we have concentrated on developing some new products and we strongly believe in this segment.”
The Lynx machine is a main new offering in this area and is designed to remove contaminants and pollutants from the woodwaste material intake.
Since processed woodwaste material contains contaminants of different types, achieving an effective cleaning of recycled wood plays a primary role in the preparation of the raw material.
The machine is compact; it is based on SWIR spectroscopy (which is an evolution of the NIR system) and it is specially designed for the removal of contaminants such as plastics, foam, silicone, and polystyrene.
It may be equipped with optional accessories to detect particles according to their colour, or with an X-ray system to improve the efficiency of the machine and to detect and remove materials with higher density, such as ferrous and nonferrous metals, aluminium, copper, lead and various alloys.
“With this kind of machine, it is possible to remove a lot of contaminants using only one machine, whereas before you had to use two or more machines.”
Testing work has shown an efficiency rate of 95-98%. One machine has so far been installed at one of CMC Texpan’s customers and operational results data from the installation will be compiled by the company before the end of 2021.
Mr Granzotto said recycled wood use was an aspect of meeting sustainability requirements in the wood-based panels industry as well as an environment protection for future ecological/green targets.
“It depends which part of the world we are talking about because in Italy and Europe the use of technology for recycling wood is very high, especially in Italy because we don’t have much fresh wood.”
But he said the situation may change in other world regions that currently have plenty of fresh wood.
“We have to prepare for the changes in the next three to five years, we must be ready.”
A special R&D department has been created at Colzate to develop this side of the business.
“We are working to apply our machines to other sectors, for example plastic. There are some machines and some systems we have to modify and adapt for different products and sectors.”
CMC Texpan has a philosophy of not remaining static and it has two or three more developments in the wood preparation segment it is working on, which will be revealed in 2022-23 ready in time for the next Ligna exhibition in Hannover.
It is also developing some improvements in its existing glue blenders, as well as developing new blenders entirely in order to further save on the quantity of glue used in the boards. The latter will involve some new technologies and some adapting of the machine.
The company says reduction of formaldehyde emissions in the atmosphere during manufacture and in the formaldehyde content inside the board was an important trend.
On the forming systems front, CMC’s Ecoformer is also being enhanced to better performance.
The company is supplying the Ecoformer to both Siempelkamp and direct customer projects.
“There are some customers who ask us to replace their windformers with the Ecoformer because of the reduction in power consumption achieved and the quality of surface is higher, while saving on raw material,” said Mr Granzotto.
And customers will be interested to learn that there is a further broad new development coming from CMC Texpan.
“In the near future we will introduce something new to the market!” he said.
“It is not only a machine but a concept or system, from chipping to screening, from drying to blending and for forming.”


text:
How to activate/enable contactless payments on SBI debit card: Here are 3 ways
SBI contactless debit cards can be used to make in-person purchases at merchant locations, pay online, and withdraw cash.
Contactless payments grew 6x in last 3 years
Contactless has become the preferred way of payment for the majority of affluent clients, particularly for everyday necessities such as food and groceries, gasoline, and medication stores and pharmacies.
Contactless payments saw 6 times growth in last 3 years in India
According to Worldline India, while 25% of all transactions at supermarkets were contactless in January 2020, these transactions rose to 31% by January this year.
Good news, Apple fans: Now use your iPhone to make contactless payments
The merchants won't have to buy an additional hardware to conduct tap-to-pay transactions.
Why social distancing and contact-free shopping are key in the new normalWith brands, retail outlets and consumers opting for caution, there is increased demand for online transactions, social distancing markers and contactless billing.
Contactless Visa SBI Credit Card - Increased transaction limit brings in enhanced convenienceWith SBI Card, #CashlessConfidence comes easy because you don't have to touch the POS machine, swipe the card or enter the card PIN.
Axis Bank launches contactless wearable payment devicesAnnouncing the 'Wear N Pay' wearable devices brand, Axis Bank said it is the first bank in India to offer such a service.
Delhi Metro to introduce QR code-based ticketing system in bid to go contactlessDelhi Metro Rail Corporation (DMRC) is planning to introduce a contactless ticketing mechanism which is based on QR codes and other digital payment-based methods.
Pine Labs launches AllTap app for contactless paymentsFintech startup Pine Labs aims to onboard a million new merchants this year through the AllTap app, which uses NFC technology for contactless payments.
Young shoppers to change ecommerce landscape: ShopifyWhile the pandemic kick-started a behavioral shift to ecommerce, the highest shift was seen in young and middle aged consumers. Around 85 percent of consumers said they will shop online regularly in the next six months with only 31 percent choosing to shop in-store regularly in the next six months.
Mastercard introduces contactless payment on SBI Card App: Here's how it will workWith this service in place, SBI Card Mastercard cardholders need not carry physical cards and can transact at any contactless point of sale terminal using their mobile. So, the cardholders enjoy the benefit of paying up to Rs 2,000 with just a tap on their mobile and for payments above Rs 2,000 they will need to enter their Card PIN on the terminal
View: A long way to go... but we have come farContactless payments ecosystem will enable economic growth in a post-pandemic world
No cash, no card, just pay on the goSmart money and smart processes are coming together to enable a smooth shopping experience for you — convenient, contactless, and cheap
Know how contactless payments are driving 'contactless connections' in the new normalSBI Card’s latest Campaign ‘Contactless Connections’ urges us to continue spreading #ContactlessKhushiyan to our dear ones.
Digital payments: Pandemic does what demonetisation couldn’t doThe pandemic has done what even demonetisation couldn’t do — bring about a big shift in payments from cash to the digital. And it’s here to stay, even when things get back to normal, say industry specialists while cautioning about the threat cyberattacks pose to digital payments.
42% small firms see spending returning for festive seasonAbout 42% of small business owners in India are confident that consumer spending will return over the upcoming festive season and help their businesses stay afloat, according to a survey conducted by American Express and market research firm YouGov India.
SBI and Titan launch India’s first contactless payment watch: Here's how to use itSBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card.
Right now is the best time for contactless paymentsPost demonetisation, India made a major push towards digital payments with nation-wide adoption of PayTM and then GooglePay largely a success. The next step? Going fully contactless.
In Corona times, ePay firms have a lot riding on contactless pay at rail, metroTop digital payment companies, payment gateways, device manufacturers and banks are seeking partnership opportunities to scale and testing new contactless technologies to offer such services and gain share in the massive public transit market.
Banks cautioned against imposing levies like MDR on electronic transactionsCentral Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.
RBI sets up panel to study use of QR codes for contactless transaction in pandemicThe committee – comprising academicians, scientists and industry executives -- has been asked to figure out the economics of QR deployment at merchant locations, the benefits of having an interoperable and open-loop system as well as recommend guidelines for standardising deployments, they said.
Smart city payment system O-CITY joins Visa Ready for transit programVisa Ready is a technology program designed to facilitate automated fare collection in transit systems.
ITC Hotels launches laundry services for customers in metros across IndiaITC Hotels said ‘Lavanderia’ allows customers to hand over the items at a designated point at the hotel. The laundry would be ready for pick up by the customer within 24 hours, and the customers would be intimated via messages which would include a payment link to enable contactless payment.
Contactless payments, digital loans make kiranas open doors to fintechTop fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases.
PhonePe enables home delivery, contactless payment for groceries and essentialsPhonePe believes these features also solve the problem from the merchant’s side as they not only open shops as per the extant Govt. regulations but also per stocking levels.
Under lockdown, India changes shopping habitsNew Normal More transactions witnessed during usual work hours while weekend spends fall, reversing normal trendsLoad More
BACK TO TOP


text:
In brief: TSMC has traditionally shied off from building manufacturing capacity outside its home country. However , when confronted with ongoing chip shortages together with a fragile supply chain that’s been strangled by trade conflicts and pandemic-induced lockdowns, unorthodox racing is now planning a global ausdehnung that includes the US, Japan, and possibly even Germany, despite the more expensive of operating fabs during these countries when compared to Taiwan.
In April, TSMC resolved it would spend no less than $100 tera- over the after that three years in an effort to expand for all of manufacturing capacity and build a whole lot more research and development facilities. The main driver and passengers of that initiative is the on-going shortage of chips that’s assumed would last well into 2022 and possibly 2023 before chipmakers will be able to catch up with demand.
Some sort of 5G and AI megatrends are also driving demand for experienced silicon, while countries and personal companies are racing to move up their infrastructure. The outbreak accelerated the digitalization and automation process for cumbersome and repetitive tasks, and too a shift to remote run and study has led to the main surge on the PC sector in years.
TSMC tips from the increase in demand for offers, and all of its fabs have always been running at full amount while the backlog of purchases has only increased as time passes. On the other hand, the company had to loading the first serious drought impressive the water supply of Taiwan, the particular home country and the place specifically two thirds of the global semiconductor manufacturing capacity is located.
This has instigated TSMC to look for new spots for new fabs in positions like the US and the WESTERN EUROPEAN. According to a Nikkei report , the chipmaker has it has the eyes set on Germany now for the first fab in the EU, and is currently in speaks with several local persons about the feasibility of such a work.
TSMC chairman Mark Liu says the talks are in the beginning, so the company has but to decide if this is the ideal destination for a set up shop. Ultimately, this will go with the local supply chain, yourwants of TSMC’s customers, elements overall cost of building as well as , operating the fabs.
Europe has shown strong interest in increasing local manufacturing capacity — particularly when it comes to 7nm, 5nm, 3nm, and 2nm stage nodes.
It’s all part of a whole ” tactical autonomy ” card that hinges on €145 tera- ($175 billion) from the bloc’s Recovery and Resilience Accounts, with the aim of of lowering the EU’s vulnerability to make chain disruptions outside of this jurisdiction.
In the meantime, TSMC has more concrete plans to build a huge $12 billion original equipment in the US state of Phoenix. Construction is ” well under best way , ” and the area is on track to produce potato chips on a 5nm process computer in 2024.


text:
Netflix Inc. is refusing to provide the national broadcast regulator with a range of sensitive data about its online streaming operations in Canada, citing concerns the data might not be kept confidential.
On Friday, the Canadian Radio-television and Telecommunications Commission (CRTC) repeatedly sparred with a representative of Netflix, demanding that the company produce data about its revenue and viewership here or risk jeopardizing the status that exempts the popular online video site from the country's broadcast regulations.
The CRTC had ordered Netflix to produce the information in confidence as part of a major hearing into the future of television, dubbed Let's Talk TV, which concluded two weeks of hearings last week. Several companies and groups that made presentations at the hearing described Netflix as a threat to the traditional broadcasting system and urged the CRTC to force Netflix to contribute to supporting Canadian content.
"While Netflix has responded to a number of the CRTC's requests, we are not in a position to produce the confidential and competitively sensitive information ordered by the commission due to ongoing confidentiality concerns," said a statement provided Monday by Anne Marie Squeo, Netflix's director of corporate communications. "While the orders by the CRTC are not applicable to us under Canadian broadcasting law, we are always prepared to work constructively with the Commission."
The U.S.-based company's refusal sets up a standoff after the CRTC demanded wide-ranging information, including how much the company spends on productions created in Canada and how many Canadians are watching programs in the streaming service's "Canadian" category.
In a series of tense exchanges on Friday, the commission repeatedly ordered Netflix to produce data, or to ask for an extension, and in response Netflix sought guarantees that the information would be kept confidential given its potential value to competitors.
Netflix's refusal to hand over some information appears to stem from a dispute about whether or not the commission has the legal right to demand it. "You operate under an exemption order that requires you to provide information. Failure to provide information puts at risk your exemption order," Jean-Pierre Blais, chairman of the CRTC, told Netflix representative Corie Wright at Friday's hearing. "So the commission is ordering you to provide the number of subscribers that you have currently in Canada by 5 p.m., Ottawa time, Monday."
Mr. Blais said the CRTC "provides confidential treatment to that information."
Ms. Wright, Netflix's global public policy director, replied by asking, "Can the panel guarantee confidential treatment of that information?"
"You are not entitled to special treatment," Mr. Blais said.
It is unclear whether the CRTC could revoke Netflix's exemption order, or what would result from such a move. But the issue of regulating online video services like Netflix is politically sensitive. Prime Minister Stephen Harper and Canadian Heritage Minister Shelly Glover have both made statements saying the federal government "will not allow any new regulations or taxes on Internet video."
A spokesperson for the CRTC declined to comment.


text:
Hammitt is excited to debut a limited edition style designed exclusively for the West Coast Bentley Rally. Rally participants will unbox our signature “Daniel” satchel, complete with rich, Bentley-green leather and gold embossment to commemorate Bentley’s 100th year.
Hammitt has been a favorite of the West Coast Bentley Rally faithful for multiple years, with a variety of bags showing up en route from Los Angeles to Napa Valley. This year, with Bentley’s 100th birthday approaching, Hammitt decided to team up with Luxury Rally Club and design a piece that embodied the classic car’s signature elements. In addition to limited edition green leather, the Daniel features a wine opener stamped with “Bentley 100 Years,” as well as an interior cardholder commemorating this milestone in Bentley history.
“We love everything about the West Coast Rally community, as well as the Bentley tradition,” said Tony Drockton, Founder & Chief Cheerleader. “Many of the cars you see at this rally are from the 1920s. It’s our goal to design bags that endure in the same way, all while bringing people together.”
This July marks Bentley’s 100th year as one of the world’s premiere luxury car manufacturers. The West Coast Bentley Rally is one of many celebrations planned around the globe to kickstart another century of “Extraordinary Journeys.”
While this limited edition version of the Daniel is not available for purchase, additional colors will debut this fall and winter. You can shop the Daniel in Black and Pine Cone here.


text:
Naomi Osaka is the Latest to Join 'Fortnite's Icon Series
Marking the first female athlete to team up with the video game.
“I’ve been playing Fortnite for a long time — when I saw LeBron had joined the Icon Series, it made me want to join the Fortnite family too. It’s really amazing to be able to connect with so many people around the world,” the athlete said in a press release. In addition to Osaka and James, the Icon Series has featured releases with Bruno Mars, Anderson .Paak and more.
The collaborative range includes the “Naomi Osaka Outfit” comprised of the “Royale Racket Pickaxe/Back Bling.” Meanwhile, the “Dark Priestess Naomi Outfit” comes with the “Portalforger Paddle Pickaxe/Back Bling.” The pack is complete with “The Queen’s Cloudcarriage Glider,” “Cursed Hazeboard Glider” and the new “Serve Stance Emote.”
Nate Nanzer, Global VP of Partnerships at Epic Games, further commented on the partnership: “The Icon Series is the ultimate celebration of the most dynamic figures in culture for Fortnite’s audience of millions, and there’s no one more perfect than Naomi Osaka to join the Series as the first female athlete.”
Players who are interested in unlocking the collection prior to the official launch can compete in the Naomi Osaka Cup on March 2. The pack will receive a wider release at 7 p.m. ET on March 3.
- Image Credit
- Epic Games


text:
The dragon has finally made its way into the subcontinent and poked its head into the tiger’s lair. Chinese technological giants have arrived in the country with a clear understanding that their products must be customised for the domestic consumer to make them as indispensable to Indians as they are to the Chinese.
Electronics maker Xiaomi is among those leading the charge. It is rapidly expanding in the smartphone space and is already setting up a research and development centre in Bangalore. Similarly, third-party mobile browser UC Web, which was bought by online retailer Alibaba, just launched an open platform specifically for Indian developers, and phone-optimiser application CleanMaster is taking calculated efforts to target Android users throughout India. To tailor their products to the Indian customer base, companies need a little help from the people who know the market best — Indians themselves.
“That’s what we are trying to do: To build an internet company, doing so in a way that is highly Indian — built by Indians, for Indians,” said Hugo Barra, vice-president for international operations for Xiaomi, the leading smartphone vendor in China with a 14% market share, according to market research firm Canalys. He said the company will invest in Indian startups in the near future.
“The Chinese interest in the market will create good opportunities for the Indian professionals, but it will not translate into a large number of jobs, as these are product companies, unlike most Indian service firms,” said Sangeeta Gupta, spokeswoman for industry lobby Nasscom.
The Chinese have also grown with little or no marketing budgets. For example, Xiaomi has sold about 240,000 smartphones within two months with no advertisements.
UC Web, which also doesn’t advertise, reached 10% market penetration in India in 2010, which prompted their decision to set up an office in India the following year. UC Web’s flagship product UCBrowser crossed 500 million users this year and has 65% market share in China and about 32% in India.
“In India there are a lot of localised products, for example cricket, Bollywood movies… there is a lot of customisation,” said Kenny Ye, general manager India for UC Web. Half of UC Web’s 30-person team in Gurgaon is Indian.
The Chinese are trying to be one of the early birds in India, before the market attains maturity. India currently has the highest smartphone population growth rate in the world, which is forecast to reach 500 million in 2017. China reached in India the following year. UC Web's flagship product UCBrowser crossed 500 million users this year and has 65% market share in China and about 32% in India.
“In India there are a lot of localised products, for example cricket, Bollywood movies...there is a lot of customisation," said Kenny Ye, general manager India for UC Web. Half of UC Web's 30-person team in Gurgaon is Indian.
The Chinese are trying to be one of the early birds in India, before the market attains maturity. India currently has the highest smartphone population growth rate in the world, which is forecast to reach 500 million in 2017. China reached that milestone earlier this year.
Android app store Mobogenie, which was started in 2007 and employs 10,000 people in China, has its largest market in India, with a tenth of its 400 million users based in the country. In India, the company has a 100-strong local workforce, and plans to hire senior Indian executives to drive its strategy.
On the other hand, Xiaomi is envisioning a “community-driven software development” approach to come up with customisation solutions for its devices. For example, it is creating a crowd sourced translation site to take its products, which are currently available only in Hindi, to 10 additional Indian languages. It is also creating a community of Indian beta users, to whom localised products are pre-launched two months in advance for testing and feedback.
“I think that the biggest mistake we can make is to try what has worked in other markets and immediately assume that the problems that India has are problems that we already have a great product for,” said Eric Villines, vice president of marketing of office software company Kingsoft.
To ease their entry into the Indian market, these Chinese companies are also pairing up with Indian players. Most notably, Xiaomi distributes exclusively through on line retailer FlipKart, while Mobogenie has tied up with Micromax and Spice to integrate their product with the handset makers.
On the other hand, CleanMaster is collaborating with local marketing and sales companies to further boost its Indian customer base, which already stands at 50 million without prior advertising. But there are issues. The rate at which smartphone penetration is growing in India far exceeds what the infrastructure can support. In particular, the underdeveloped payment system here is a headache, especially for the gaming industry.
“The conversation here about carrier payments is similar to what took place in China four or five years ago,” said Wang Zhe, vice-president of mobile entertainment platform Chukong Technologies. As a result, Zhe expresses that the time is not yet ripe for Chukong to enter the India market.” The company finds 5% of its user base in India.
At present, China’s GDP is four times that of India, its e-commerce market 100 times larger, and its mobile gaming industry 33 times. As Qian of Mobogenie comments, “What has been achieved here is only a fraction of what has been achieved in China.” But the challenges do not deter the Chinese, who are not looking to rake in profits in the short-term.
In a letter to the Telecom Regulatory Authority of India (Trai) sent last week, Jio said as per Vodafone Idea's new tariff plans for prepaid consumers, SMS services had been moved to a higher tariff plan of Rs 179 – from Rs149 - which would discourage subscribers from porting out to other service providers, one of the persons quoted earlier told ET.
From December 1, the telco’s price of its JioPhone subscribers will have an entry-level plan of Rs 91, about 21% higher than the earlier one. For the non feature phone subscribers, the plans of Rs 129 at the base will now be for Rs 155. There has been a hike in other 11 tariff plans and telco has included four add on data packs as well.


text:
Companies from just about every country in the region were represented at what is the biggest event for the cosmetics and personal care industry in the Americas region.
Argentina was particularly well represented at the event, thanks to the dedicated country pavilion that showcased six interesting brands with the help of the Argentine Investment and Trade Promotion Agency.
Interesting Argentine brands
The Cosmetics Design spoke to a number of the Argentine brands at the event, including Exel, a company specialising in sustainable skin care and hair care that uses nanoscale liposomes to make it effective, as well as Dandy Buenos Aires, a sustainable line of men's grooming products.
In the gallery you will also see information about the husband and wife team behind La Pasionara, a company specializing in gourmet soaps, as well as well as An Ame, a Buenos Aires-based company offering luxury natural-based skin care products.
For more information about a selection of Latin American companies exhibiting at Cosmoprof North America, please click on the photo gallery.
And also look out for another photo gallery that will be published tomorrow featuring the rest of the highlights from this year's show.


text:
Do you know that recently govt. has decided to sell draught beer in 6 cities of Odisha!
As per the new excise policy announced here on Monday, Draught Beer will be sold in beer parlors, hotels, clubs and restaurants in six cities – Cuttack, Rourkela, Sambalpur, Puri, Berhampur and the state capital. So the number of places serving draught beer will highly increase very soon.
The government has stated that draught beer will be sold to divert young generation from strong alcohol as draught beer will have less percentage of alocohol. For the first time, model premium liquor shops will be opened at airport, shopping malls and three-star hotels.
Besides, hotels and clubs will be given permission to open additional bars. To encourage local entrepreneurship, the retailers shall have to lift a minimum quantity of 5 per cent of their beer requirement from each of the breweries inside the state in a month.
The state government will issue temporary licence for consumption of liquor on the premises. The licence will be granted by the district collector after prior approval of the excise commission. The department will charge Rs 10,000 up to 500 persons per day, Rs 20,000 between 501 to 1,000 persons per day and Rs 30,000 above 1,001 to above persons per day
Also Read- US President Donal Trump Worry About American Citizens Living In Odisha, Why?


text:
There should be a plenty of new electric vehicles presented at the Paris Motor Show next month. We’ve already covered the VW’s and Daimler’s plans to unveil some of their new concepts, and not it seems that Renault-Nissan is jumping in: the company is reportedly preparing to show a new generation of Renault Zoe – the compact all-electric hatchback.
The first generation of Zoe became one of the most popular EVs in Europe (and it also was featured in our list of non-expensive electric cars available today). The compact size, low price, nice standard equipment and about 120-150 miles (up to 200 km) of range on a single charge are the key success factors.
It seems that the new Zoe would overcome its predecessor, while empowering its advantages. New Renault Zoe will reportedly have about 200 miles of range (300-320 km) and a new, more compact and efficient electric motor. Though there is still no information on the size of battery pack. However, the battery would consist of LG Chem cells. By the way, a new Zoe would probably be the first EV to feature a new 60 kWh Renault-Nissan battery pack the company had been working on last months.


text:
Big brands warm to Cameron’s lending call
UK Prime Minister David Cameron invited leaders from FTSE 100 companies to Downing Street last October to urge them to sign up to supply chain financing programmes and boost financial support to their suppliers.
Large companies including food retailer Sainsbury’s and mobile provider Vodafone already offer such programmes but Cameron wants more companies to get involved.
Transaction bankers say that more companies are expressing an interest in these programmes, because they realise that their fate is inevitably linked to that of their suppliers in an often complex supply chain.
There are two main forms of supply chain financing between buyers and suppliers. Buyers can set up a supplier finance programme whereby they allow suppliers to use their bank’s credit lines to obtain cheaper funding.
Anil Walia, head of trade and supply chain advisory at Royal Bank of Scotland, said: “A supplier who was funding himself at 6% through his own bank can now fund at 2% using the buyer’s bank, because its credit risk now reflects that of the buyer, which is typically stronger.”
Alternatively a supplier can sell the invoices it would normally give to the buyer to a bank, with the buyer’s approval. That allows the supplier to secure its money earlier from the bank, in return for a fee, while the buyer promises to pay the bank its invoices at a later date, typically within 45 to 60 days.
Philippe Lepoutre, general manager of Compagnie Générale d’Affacturage, Societe Generale’s commercial factoring unit, said that the risk is concentrated on the buyer instead of the supplier.
He said: “Increasingly, corporates are aware that they have a real common fate with their suppliers. It makes sense for them to take care of suppliers’ financing needs and keep them in business.”
Banks can structure and run online supply chain financing programmes that connect buyers and suppliers.
Societe Generale developed a new platform last year in conjunction with cash management company Kyriba that processes supply chain financing requests in multiple languages, currencies, and with multiple banks.
Societe Generale’s Lepoutre said supply chain financing programmes are popular in countries such as Spain, where large buyers help finance smaller suppliers that might otherwise struggle, and the concept is spreading to other countries. He said: “We are seeing more requests for programmes that serve suppliers in eastern Europe, because they may face problems funding in their local markets.”
Financing without borders
Transaction bankers predict a surge of cross-border supply chain financing as western buyers source more goods from foreign suppliers.
Bart Ras, head of supply chain finance in transaction services for Europe, the Middle East and Africa at Citigroup, said this is a big growth area for large banks.
He said: “If you look at a supply chain, within a couple of steps it quickly becomes a collaboration network over different regions and continents. Therefore, only banks with a global footprint can support these cross-border SCF programmes.”
Lepoutre said: “More than half the requests for supply chain financing that come across my desk involve cross-border supply chain financing.”
According to research published by consulting firm Demica, the cross-border supply chain finance market serving supply chains of larger companies domiciled in the UK, France and Germany is estimated to be more than €460bn.
RBS is one bank that is building its cross-border supply chain finance business and has earmarked it as an area of growth.
RBS’s Walia put this down to Asia being the “manufacturing hub to the occidental world” but said that Asian suppliers need help from European buyers with their financing because of high interest rates.
He said: “Suppliers in countries such as India and Turkey, where interest rates are high, can end up paying between 7% and 10% interest on their local currency borrowing. But with a SCF programme, they can get liquidity at a lower interest rate of around 2% to 3% and reduce borrowing costs.” European buying companies can offer better priced liquidity and bank credit lines to their Asian manufacturing suppliers.
Martin Knott, head of trade, global treasury solutions for Emea at Bank of America Merrill Lynch, said successful domestic supply chain programmes are going cross-border, where companies want to target new suppliers abroad and extend their existing programmes.
He said: “Bank of America Merrill Lynch definitely sees growth in this area, for both domestic and cross-border programmes.”
According to RBS’s Walia, there are opportunities for cross-border programmes within Asia, financing south-south trade, where a buyer from one Asian country buys goods from a supplier in another.
Axel Miller, partner within the financial services practice group at consultancy firm Oliver Wyman, said regional banks are offering low-key domestic supply chain financing and achieving success attracting clients. He said: “For example, Malaysian bank CIMB has established a supply chain finance programme to cover its key Malaysian clients.”
But despite the untapped potential of this form of financing, there are legal and regulatory obstacles to overcome.
Walia said banks need to have offices in the relevant supplier countries to deal with those suppliers, and have to factor in compliance procedures.
Conflicting laws and language barriers can create complexities. Sometimes banks have to use local banks because they have better knowledge of local habits and practices.
Lepoutre said: “They may sometimes have an easier access to liquidity in the local currency than a bank in the buying company’s home territory.”
The renminbi is one currency that is becoming increasingly important to companies that import from China.
Knott at Bank of America Merrill Lynch said: “Global companies that are importing from China get potentially better payment terms if they can accept invoices in renminbi. Having a multi-currency cross-border SCF programme allows them the flexibility to extend it to suppliers in China.”
--This article first appeared in the print edition of Financial News dated March 25, 2013